Won't try to say yes or no. I've trade this stock some short term but will not bottom fish for long term growth. I bought well below this price last year and bought last week, above this price. Steel is slightly out of favor right now because there is a belief that it's moment has passed. (All in 6 months!). The commodity cycles are much longer than that. Demand by users of steel, rather than stock analysts, is forcasted to stay strong even if the world economy cools a bit with high oil prices.
Look at posts 2736 - 2739 for other information.
I personally like out of favor stocks with solid fundamentals. They have lots of upside potential and if your time horizon is years, a solid way to make a lot of money. This price is depressed right now, I believe, because technical investors (in this case really just speculators) saw the momentum this stock had and piled in, didn't make a fortune in a week and began to bail. I'll take my bundle next year thank you.
For myself, I'm not wise enough to know where the bottom is and we may go lower (This stock is not predictable by technicals.) I do believe the next several tops will be higher than where we are right now.